$ASML just delivered a monster Q2 and the guidance may be even more important than the earnings beat.

Q2 2026 results:

EPS: €7.59 vs €6.88 expected

Revenue: €9.33B vs €8.87B expected

Gross margin: 54.0% vs 51.9% expected

But this is where it gets interesting…

Q3 2026 guidance:

Revenue: €11B–€12B • Wall Street expected: €10.34B

Full-year 2026 guidance:

Revenue: €43B–€45B • Wall Street expected: €39.34B

That is not a small raise.

ASML is signalling that semiconductor demand remains extremely strong, despite ongoing concerns around AI spending, China restrictions and the durability of the chip cycle.